So, you want to bet on sports? It’s not as hard as you might think. Here are 12 tips to get you started in the exciting world of sports betting.
The Favorite & The Underdog
In any sporting event, oddsmakers set a betting line. The line establishes which team is favored to win (the favorite) and which team is likely to lose (the underdog). The favorite is designated with a minus (-) sign next to its odds. The underdog is the one with the plus (+) sign.
If oddsmakers think both opponents have an equal chance of winning, the game will open as a “pick ‘em.”
Point Spreads
You can bet on a favorite or underdog in two ways. One is betting the point spread, which is the expected margin of victory. Let’s use the following example.
Chiefs -7
Texans +7
The Chiefs are a 7-point favorite and the Texans are a 7-point underdog. Oddsmakers expect the Chiefs to win by seven points. In order to win a bet you place on the Chiefs, they will need to win by eight or more points.
To win a bet on the Texans, Houston must either lose by six or fewer points or win outright. If the Chiefs win by exactly seven points, the result is called a “push” which means you neither win nor lose and you get the original amount of your bet back.
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Moneyline Bets
The other way to bet on a favorite or underdog is on the moneyline. When placing a moneyline bet, you are simply choosing which team you believe will win. Again, favorites are designated with the minus sign.
Chiefs -333
Texans +170
To win $100 on the Chiefs, you would need to bet $333 and have Kansas City win. Betting on the underdog, or the Texans in this case, a $100 bet would earn you $170 if Houston pulled the upset.
Totals Betting
You can also bet on the total number of points scored by both teams combined in a game. The wager is on whether the final score will be over or under the Total. If the Chiefs-Texans total was set at 52 and the final score was 35-28, a bet on the over would be a winner.
What Does -110 Mean?
Next to the line for a game you may see (-110), for example. This simply refers to the commission a sportsbook is taking for accepting your bet. In the industry, this fee is typically called “juice” or “vig” (which is short for vigorish).
Chiefs -7 (-110)
From the example again, you would have to bet $110 in order to win $100. A 10 percent juice is typical in the industry.
Placing a Bet
Placing a bet is becoming even easier today with the legalization of sports gambling across the U.S. Mobile betting is legal in a number of states like Pennsylvania, New Jersey, and more.
Bettors can place wagers at any of a number of reputable sportsbooks like America’s Bookie. Do some research and find a sportsbook you can trust and that fits your betting needs.
How Much Should I Bet?
The most successful bettors follow a flat-betting approach. They will wager the same amount on every game no matter if they are in the midst of a hot streak or they have lost several in a row. The bottom line is to never bet more than you can afford to lose.
You should be roughly 1 to 5 percent of your bankroll, or the amount you have to start betting. If your bankroll is $100, then you would wager between $1 and $5 per game.
The Numbers on the Board
Sportsbooks use rotation numbers to signify a certain sporting event. They are also called Vegas ID numbers or NSS numbers. The rotation numbers are universal across most sportsbooks and are unique to a team, sport, and league.
On the betting board, you may see 452 Kansas City Chiefs -10 (-125). The “452” is the rotation number. You could place a wager at a casino by going to the window and saying “$100 on 452, Chiefs minus-10.”
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Lines Change
You have to understand that just like gas prices, sports betting prices fluctuate. Odds will change and adjust throughout the course of week or day. The Chiefs might open as 10-point favorites but by game day they are 7-point favorites.
Lines will vary depending upon the sportsbook. America’s Bookie might list the Chiefs as 10-point favorite over the Texans. Another sportsbook might have the Chiefs -9. You can increase your chances of winning bets by shopping for better lines. Successful bettors use this strategy.
Identify Your Strengths
Find out what you’re good at. If you do better betting on the NFL than the NHL, stick to football. Likewise, if you have a hard time with college basketball spread betting, try a different sport or moneyline betting.
Finding out your betting strengths and weaknesses can help you have success and maximize your winning.
